Not surprisingly, "You won't be able to do this [computationally hard thing]" is a prediction that doesn't age well. :)
The most recent benchmarks I've seen show HEVC encoding to be 10x-15x slower than H.264, and 4K is 4x the pixel count of 1080p. Naively, this would make UHD 40x-60x more computationally intensive than 1080p, but it is probably not quite that bad. (4x pixel count should be a bit less than 4x computation.)
Latency isn't really a factor here, though. UHD doesn't have higher latency than HD; both just need to fill a few seconds of buffer in the player, and as long as they can keep up with a stream in real-time, this will only take a few seconds to do.
> What do UHD recorders do to record UHD material -- just massive iframe only codecs?
Yes, but the use of iframe-only is orthogonal to the delivery codec or format. (Most pro video is shot and edited in an intra-only codec.)